Amazing: John Paulson Makes $50 Million In Five Weeks On A Gold Trade

It looks like Paulson’s gold obsession is paying off.

John Paulson has been betting big on gold for a few weeks now, and he is launching a new gold only fund in January.

According to Bloomberg, the hedge fund manager of Paulson and Co might have made $45 million in 5 weeks – off of just one of the gold investments in his portfolio.

Bloomberg reports: “Paulson & Co., based in New York, held 10.3 million shares of Toronto-based Detour as of Oct. 31, according to a Nov. 10 regulatory filing. The stock has gained 34 per cent since Oct. 31 to C$17.85 a share at 11:09 a.m. in Toronto Stock Exchange trading.”

Paulson’s other gold holdings include shares in Kinross Gold Corp. and Gold Fields Ltd, and he’s also the largest shareholder of AngloGold Ashanti Ltd.

Read the full story on Bloomberg >>

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